| Administrators sell Dolcis to Barratts Shoes |
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| Thursday, 14 February 2008 | |
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The Joint Administrators of Dolcis have completed the sale of the brand and its retail stock together with a number of retail stores to Stylo Barratt Shoes Limited for an undisclosed sum.
Stylo Barratt Shoes Limited is owned by the AIM-listed, Yorkshire-based company Stylo plc who own the Barratts and PriceLess High Street shoe retail brands. As a result of the sale and other arrangements Stylo Barratt Shoes Limited has made with third parties, around 300 Dolcis employees will become employees of Stylo Barratt Shoes Limited. The Joint Administrators are Brian Green, Allan Graham and Howard Smith of KPMG’s Restructuring practice. Green said the team was pleased to have achieved this transfer of assets of the Dolcis business and to have generated a return for creditors. He added that the sale to Stylo represented an excellent result, particularly given the difficult market conditions in which the team have been negotiating a deal. The retail sector is currently under pressure but Green said that the Dolcis stores represent a good investment for Stylo, offering opportunities to increase the High Street presence of the Barratts and PriceLess brands. “This week’s KPMG/British Retail Consortium Retail Sales Monitor confirmed that footwear sales rose above their year-earlier level for the first time since September, helped by clearance discounts and very wet weather,” he concluded. Related links |
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